TALPHERA, INC. — Director's Dealing 2011

Feb 10, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ACELRX PHARMACEUTICALS INC (ACRX)
CIK: 0001427925
Period of Report: 2011-02-10

Reporting Person: KING RICHARD (Director, President and CEO)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$2.56	2020-06-15	Common Stock (456610)		Direct

Footnotes

F1: Reflects a 1-for-4 reverse stock split of the Company's issued an outstanding securities effective January 28, 2011.

F2: The shares subject to the option vest as follows: 28,538 of the shares subject to the option vest on June 15, 2010, with 85,614 of the shares subject to the stock option vesting on March 3, 2011 and the remaining shares subject to the stock option vesting on an equal monthly basis over the following 36 months.